Oil India Private Ltd (OIL) was incorporated in 1959 to expand and develop the newly discovered oil fields of Naharkatiya and Moran in India’s north-east. In 1961, it became a joint venture (JV) company between the Indian government and Burmah Oil Company Ltd, UK. In 1981, OIL became a wholly-owned Government of India enterprise.
Today, OIL is a premier Indian national oil company engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG. At present, the Government of India is the promoter of the company, holding 68.43 per cent of OIL’s total issued and paid-up capital. The balance 31.57 per cent of the equity capital is held by the public and others including corporate bodies, mutual funds, banks, FIIs, resident individuals, etc.
OIL has over 100,000 sq km of PEL/ML areas for its exploration and production activities, most of it in the India’s north east, which accounts for its entire crude oil production and majority of gas production. Rajasthan is the other producing area of OIL, contributing 10 per cent of its total gas production. OIL currently owns and operates 13 drilling rigs and 14 work-over rigs, besides charter hiring drilling rigs based on operational requirement.
Additionally, OIL’s exploration activities are spread over onshore areas of Ganga Valley and Mahanadi. OIL also has participating interest in NELP exploration blocks in Mahanadi Offshore, Mumbai Deepwater, Krishna–Godavari Deepwater, etc. It has various overseas projects in Libya, Gabon, USA, Nigeria and Sudan.